What is Quantitative Analysis?
Quantitative Analysis is the discipline of applying advanced analytical methods to help make better decision. It is a discipline devoted to solving managerial-type problems using quantitative models and techniques. This quantitative approach is widely employed in computing, engineering, mathematics, statistics, marketing, accounting, business, finance, management and economics. â€œQuantitative Analysis is the use of quantitative models and techniques to analyse and predict the behaviour of systems that are influenced by human decisionsâ€?. Quantitative analysis is the scientific approach to managerial decision-making. This approach starts with data. These data are manipulated or processed into information that is valuable to people making decisions. This processing and manipulating of raw data into meaningful information is the heart of quantitative analysis. The problem is viewed as the focal point of analysis, and quantitative techniques are the vehicles by which solutions are obtained. In addition to quantitative techniques, qualitative factors should also be considered. The weather, state and federal legislation, new technological breakthroughs, the outcomes of an election, and so on may all be factors that are difficult to quantify. Because of the importance of qualitative factors, the role of quantitative analysis in the decision-making process can vary. When there is a lack of qualitative factors and when the problem, model, and input data remain the same, the results of quantitative analysis can automate the decision-making process. In most cases, however, quantitative analysis will be an aid to the decision-making process. The results of quantitative analysis will be combined with other (qualitative) information in making decisions.